Moody and Blue and the Many Shifting Moods of the Global Oil Market

By Phil Flynn
09 April 2009 @ 09:32 am EDT

Talk about moody, I am starting to believe the oil market is manic. Can a broker prescribe meds for a market? This market is messed up and is having deep seated feelings of anxiety. The oil market is starting to hear voices and it does not know which one to listen to. Should it listen to the American Petroleum Institute that is telling it that crude supplies soared by over 6.0 million barrels last week. Or should it listen to the Department of Energy that is saying that crude oil inventories increased only by 1.7 million barrels. Or should it take note when the API reported gasoline supply rose over 2.0 million barrels or the DOE that said it only increased by 600,000 barrels. No matter. This market is a mess.

IBTimes Commodity Commentaries

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